Fiat denies plan to assume Chrysler debt
March 21st, 2009
Italy’s Fiat SpA denied on Friday it would assume any current or future debt from Chrysler LLC CBS.UL, the troubled U.S. car maker with which it plans to form a partnership.
“Fiat Group intends to make it absolutely clear that the proposed alliance will not entail the assumption of any current or future indebtedness of Chrysler,” it said in a statement.
On Thursday, Chrysler said Fiat would assume 35 percent of its debt to the U cash advance.S. government.
Fiat shares, which had been trading more than 4 percent lower early in the session, were off 2.6 percent at 4.59 euros.
(Reporting by Gilles Castonguay)
Filed under: term by Specialist